One of the reason for Race Series game to not start is the update of the graphic card drivers (at least for nvidia cards). Try to close steam, kill the process (Ctrl+Alt+Del and search for Steam.exe) and then start Steam again (only steam, not the game). After that, start Config.exe (it's in SteamApps/[your user name]/Race07 folder) and setup your graphics. Then start the game again.